Former Galaxy Digital Exec's Crypto Fund DBA Closes $68M, Backs Bitcoin Scaling And DeFi Infrastructure

New York-based cryptocurrency investment firm DBA has closed $68 million for its second venture fund, more than doubling the $50 million it raised for its debut fund in 2023.

The firm also disclosed that its co-founders and one or more of its funds hold a material position in the HYPE token.

The announcement comes as venture activity in cryptocurrency infrastructure accelerates heading into 2025, with early-stage rounds attracting increasingly competitive allocations.

What Happened

DBA, co-founded by former Galaxy Digital Co-Head of Investments Michael Jordan and former Delphi Digital researcher Jon Charbonneau, described both funds as 10-year closed-end vehicles investing across private and public markets.

The firm said it focuses on lead roles in early-stage deals but participates across all stages.

Portfolio positions include infrastructure projects DoubleZero and Monad, stablecoin application Payy, capital formation platform MetaDAO, and Alpen Labs, which DBA co-led with a $8.5 million round in January alongside Cyber Fund.

Why It Matters

DBA simultaneously disclosed a notable conflict of interest: in a governance proposal to reduce total HYPE token supply on the Hyperliquid network, the firm noted that "one or more of the investment funds managed by DBA hold a material position in the HYPE token, as do both of the co-authors personally."